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Is the 2 year waiting period mandatory after a chapter 13 bankruptcy is discharged?

by nazhir007 from Ballston Spa, New York. Feb 12th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

There are a lot of variables that have to do with whether you can finance a home or not.. You need sufficient credit scores and debt to income ratios, but it's possible to finance sooner than 2 years. Was there a home involved with your BK - 13.. Where there any late payments on that mortgage?? Were all your payments to the trustee on time??... Do you still own the home and looking to refinance, or are you looking to purchase.. Do you have a short sale or foreclosure on your credit report.. The answer to your question is depending on the answer to the above questions.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Feb 12th 2013
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Steven Ceceri (123LoanYes)
#12 ranked lender in Rhode Island - 723 contributions

Not necessarily as there are various waiting periods for different loan programs. I'd be happy to discuss this offline with your specific questions if you'd like. Just message me from my profile page to discuss this in more detail. Thank you!

Feb 12th 2013
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Thomas J. Liolos (tliolos)
#38 ranked lender in New York - 16 contributions

HiOnly a Chapter 7 requires 2 years from Discharge before FHA Financing is allowed. With a Chapter 13, you can obtain an FHA mortgage 1 year INTO the BK as long as your credit score is there and you have a letter from your Trustee allowing you to obtain one. Any other questions - please do not hesitate to ask me at tliolos@paragonhomeloans.com !

Feb 12th 2013
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Darren Copeland (Darren_Copeland)
#32 ranked lender in Missouri - 17 contributions

If you've included your house in your bankruptcy it's 3 years from the date of the discharge, if you didn't include your house in the bankruptcy it's 2 years from the date of the discharge. So unfortunately it's mandatory; getting your trustee to sign off on buying a house after declaring bankruptcy is often difficult and probably wouldn't make it through underwriting.

Feb 12th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

For convetional financing it is 2 years

Feb 12th 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

It Depends on the circumstances of your BK. We are Direct Lenders here in NY. Email me @ PBotros@OmegaLoans.net , you can also call me 908 933 0253.

Feb 12th 2013
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

IT depends on what was in your bk ? a house? a loan?? student loans?? are you looking to refi or purchase? i work with numerous bk trustees .. linda yourloanpartnerforlife@live.com

Feb 12th 2013
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Jason Vondrak (jvondrak)
#221 ranked lender in California - 1,741 contributions

There are many details that go into determining when you will be eligible for another loan/the bankruptcy will be discharged. By contacting a local lender they can help you go over the specifics based on why you went through bankruptcy, the specifics, what kind of financing you are trying to obtain, etc.

Feb 12th 2013
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Lorne Harvey (lorneharvey)
#79 ranked lender in Washington - 433 contributions

The loans I have done recently were a chapter 13 and we can take the application and proceed one day after the dismissal on an FHA.

Feb 12th 2013
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Anthony Piccone (apiccone)
#97 ranked lender in New Jersey - 17 contributions

If you meet the location and income thresholds you may qualify for a USDA loan in which case, its 12 months on a chptr 13. 102% financing available.

Feb 12th 2013
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Steve Azarch (sazarch)
#18 ranked lender in Tennessee - 93 contributions

There are several details needed to be known to determine the waiting period.You should get with a lender to help you with your mortgage request.

Feb 12th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,784 contributions

While you may hear some say there are options at less than two-years... Ask that same person if they've ever done one, and the answer will be no. You'll need to wait at least two-years.

Feb 13th 2013
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